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Reply to "I need to cash out my 401k"
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[quote=Anonymous]So I called the Plan again today and they said stated that my balance was 12599. If I cash it out, they will retain 20% for federal taxes and 4% for Va state taxes and at the end of the year I will have to pay more if the IRS decides that it wasn't enough or get some money back if it was too much. I am really torn about this decision. On one hand I feel like it would be so easy to just cash this out and pay off my debt. On another, I am not totally sure it's the right decision :-([/quote]
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